China and UAE Authorities, Contrasting take on Cryptocurrency! 🙄🧐
It seems that the Chinese government is serious about cracking down on the cryptocurrency industry.
The People's Bank of China (PBoC) has officially announced a series of measures to crack down on cryptocurrency activity. 10 provincial authorities, including the PBoC, the China Cyber Bureau, and the Ministry of Public Security, have established coordination mechanisms to prevent financial entities from participating in cryptocurrency transactions. It is also said that they have completed a significant part of a crypto-monitoring platform that efficiently identifies illegal cryptocurrency transactions.
Wen Xinxian, head of PBoC's Payments and Settlement Department, is concerned about the growing popularity of cryptocurrencies and stablecoins, and has called for more action to allow traditional financial systems to compete in these crypto industries.
Hengda's interest payment failure and bankruptcy issue, along with news of tightening regulations in China, this week is going to be a really tough week...😕😬
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The UAE's financial authorities have agreed to officially allow and support cryptocurrency trading in Dubai's Free Economic Zone.
The Dubai World Trade Center Authority (DWTCA) announced on Wednesday that it has signed an agreement with the United Arab Emirates Securities and Commodities Authority (SCA) to support cryptocurrency regulation and trading within the Free Zone.
This sets up a framework that allows DWTCA to issue the desired approvals and licenses for crypto-related money activities. As a part of the contract, SCA also will superintend activities like supply, listing, commercialism and licensing.
Nasdaq Dubai, a local stock exchange, listed the BTC fund disclosed by 3iQ, a Canadian digital asset investment fund manager, in June.
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